Construction Estimate

Top 5 Construction Estimate Tips

Top 5 Construction Estimate Tips

Construction Estimate

Having a blueprint is just the first step toward building a new project. Obtaining an estimate will help you edge closer to its completion, so keep on reading to learn about our top 5 construction estimate tips.

estimating construction costs

In a nutshell, an estimate contains the approximate cost of a construction project. All building projects – from residential to commercial to industrial – need an estimate.

It contains information on how much the materials will cost. It also contains the cost of labour, as well as the different equipment that will be used for the construction project.

The ability to understand blueprints and other construction documentation is a must for individuals or organisations that provide this service.

The process of estimating construction costs can be complicated, especially if it involves a particularly large project. Here’s a brief guide on what happens behind the scenes.

The Preparation Stage

This step involves gathering information on the new project and checking its specifications. Once all relevant information has been collected, the estimator can now proceed to the second stage.

Estimating the Construction Costs

Now that the estimator has all the relevant information, he can now determine the cost based on the amount of materials and their price. The estimator will also take into consideration the cost of operating the equipment and the labour that will be used throughout the project.

Reviewing the Output

Finally, the estimate will be reviewed for accuracy and revised if necessary.

Cost for a construction project

1. Stay up-to-date on the price of construction materials

An estimate is only an approximation, but that doesn’t mean you can afford to be sloppy about your work. Because your client relies on you to be accurate, you need to keep abreast of the current price of equipment, construction materials, and labour. You can keep a price list on your computer or check with suppliers/subcontractors to stay updated. You can also monitor the price of materials, equipment, and labour online.

2. Read and analyse the blueprint carefully

In the construction industry, it never hurts to be meticulous. Read your client’s blueprint carefully and take note of different specifications. Don’t be afraid to ask your client if something’s unclear.

It’s better to over communicate now and clarify things in the early stages than make a mistake that will affect the project later on.

3. A construction estimating software is your friend

There’s no need to estimate construction costs in the most painstakingly manual way when you can be more efficient with the help of an estimating software. Check out this list so you can see which one’s perfect for you.

4. Enlist the help of subcontractors

Not sure about the current labour cost or the price of an HVAC or flooring material? Feel free to contact subcontractors to get a good idea of the current pricing. Provide subcontractors with all relevant information (specification, scope, etc.) to get more accurate pricing.

5. Revise the estimate if necessary

Prices can fluctuate during the course of your work, so make sure to review the estimate constantly and adjust it when necessary.